Telegraphic Transfer or Telex Transfer, commonly known as TT. TT is very popular to transfer fund through Electronic means. A transfer charge is usually paid by sending bank and in some cases receiving bank. The fund is transferred through a cable message from one bank to another in order to effect the transfer of money.
Telegraphic Transfer is an expensive fund transfer medium due to the fast nature of the transactions. Generally, the transactions complete through TT within two to four business days depending on the origin and destination of the transfer, as well as currency exchange requirements.
Specific information of the sender and destination are required to complete the transactions. Personal identification information is needed for security purposes and confirms the identity of the sender.
Sometimes you may mistake to type the address of the beneficiary. What will you do in these cases? Normally, you have two options in this situation. Firstly, You may wait for the money to be returned to your bank account. This will take up to three weeks. Secondly, You may contact your bank and submit the correct bank account details. This will cost but would save you several weeks.
Wire Transfer is another form of Electronic Fund Transfer. This transfer helps to transfer money electronically from one person to another, domestically or internationally through banks or other transfer providers, such as Western Union. This is the safest and quickest fund transferring ways to move money to domestically or Internationally.
Instructions about the recipient, his bank account number and transfer amount to be mentioned for bank wire transfer. Non-bank wire transfer is not required bank account number but needed recipient’s name, transfer amount and address.
There are two types of wire transfer such as Domestic and International. In this regard cost of transfer and delivery, time will vary. Wire transfer is very popular because of its security and can’t be canceled once it has been sent.
As wire transfer cannot cancel after sending money, the sender should cross-check every information before sending money.